We want you to own your home sooner by paying as little interest as possible over the life of your mortgage. That's why we created the Tangerine Mortgage, a mortgage for Savers.
How? For starters, you'll always get a great rate. Plus, you can be mortgage free sooner with the most flexible prepayment options around. For instance, every year you can make lump sum payments up to 25% of your original mortgage amount, at any time. No more waiting for annoying mortgage anniversary dates.
Features at a glance:
- Our 25/25 mortgage prepayment options - Each year, you can increase your regular mortgage payments by up to 25% of your original payment amount, and make lump sum payments of up to 25% of your original mortgage amount – on any regular payment date.
- Use our mortgage payment calculator to see how these options could help you save thousands of dollars in interest and own your home sooner. Learn more about our mortgage prepayment options.
- No anniversary dates: Make lump sum payments totaling up to 25% of your original mortgage amount on any payment date.
- Portable – If you move, you can take your mortgage with you penalty free, at your current rate, term and loan amount.
When a house is mortgaged, it is used as security against the loan. This security is registered with a land registry office and is commonly known as a “charge”. This charge gives the lender the legal right to claim the registered house if the mortgage defaults. There are 2 types of charges that can be registered by a lender; Conventional (or Standard) and Collateral. At Tangerine Bank, our mortgages are registered as a Collateral Charge.
How is a Collateral Charge at Tangerine different from Conventional Charge?
|Collateral Charge Mortgage||Conventional Charge Mortgage|
|Registered for 100% of the property value||Registered for the loan amount|
|Interest and payments are based only on the balance outstanding||Interest and payments are based only on the balance outstanding|
|Creates room for future borrowing up to the charge amount without incurring legal costs *||Future borrowing would involve refinancing through a lawyer with legal costs|
|Option to add a Home Equity Line Of Credit under current charge without incurring legal costs *||Adding a Home Equity Line Of Credit would involve refinancing through a lawyer with legal costs|
|Transferring to another lender would involve refinancing through a lawyer with legal costs||Can be transferred “as is” to another lender without incurring legal costs|
To learn more about mortgage security, visit this link provided through the Canadian Bankers Association.
Mortgage and other loan rates are annual rates and are subject to change without notice and are current as of today's date.
*Subject to application approval under current Tangerine credit criteria